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• ADT for your company's digital infrastructure. (Monitors for critical issues and alerts the right people immediately.)
• Ring for your company's servers and applications. (Provides immediate, actionable alerts to on-call teams when something goes wrong in your digital environment.)

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• Incident Management: A SaaS platform that centralizes the detection, diagnosis, and resolution of critical IT incidents, enabling rapid response and service restoration.
• On-Call Management: A service that enables teams to create flexible on-call schedules, automate alerting, and escalate critical issues to the right personnel to ensure 24/7 coverage.
• Event Intelligence: A service leveraging machine learning to filter operational noise, correlate related events, and provide actionable insights, reducing alert fatigue and accelerating incident identification.
• Automation: A service offering automated response playbooks and workflows to proactively address recurring problems, accelerate incident resolution, and improve operational efficiency.

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PagerDuty (PD) primarily sells its incident management and digital operations platform to other companies (B2B). It serves a broad range of industries, including technology, financial services, retail, media, and healthcare, helping organizations manage and resolve critical incidents quickly and efficiently.

While PagerDuty typically serves thousands of customers, and no single customer generally accounts for a substantial portion of its revenue, the company frequently highlights various prominent organizations that utilize its platform. Here are some examples of its well-known public company customers:

• Zoom Video Communications, Inc. (NASDAQ: ZM)
• Shopify Inc. (NYSE: SHOP)
• T-Mobile US, Inc. ( (NASDAQ: TMUS)
• Datadog, Inc. (NASDAQ: DDOG)
• Okta, Inc. (NASDAQ: OKTA)

These companies represent the diverse enterprise customer base that relies on PagerDuty for maintaining uptime and operational health.

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• Amazon Web Services (parent: Amazon.com, Inc. - AMZN)
• Twilio Inc. - TWLO

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Jennifer Tejada, Chief Executive Officer & Chairperson

Jennifer Tejada has served as CEO of PagerDuty since 2016 and is also the Chairperson. She brings 25 years of experience across mass consumer products, cloud, and software solutions. Prior to PagerDuty, Ms. Tejada was CEO of Keynote Systems, which she led to strong growth before its acquisition by Dynatrace. She also served as Executive Vice President and Chief Strategy Officer at Mincom, which was acquired by ABB. Ms. Tejada has held senior positions at Procter & Gamble and i2 Technologies. She is an active tech investor and serves on the board of The Estée Lauder Companies Inc.

Howard Wilson, Chief Financial Officer

Howard Wilson is the Chief Financial Officer at PagerDuty, where he leads the company's internal and strategic execution. He joined PagerDuty as Chief Commercial Officer in early 2017 and became CFO in September 2018, helping to take the company public in April 2019. Mr. Wilson has over 20 years of experience in software, services, and operational management. Before PagerDuty, he oversaw the SaaS business at Dynatrace and was Chief Operating Officer at Keynote Systems. He also spent 14 years in various senior leadership roles at Oracle.

Jeff Hausman, Chief Product Development Officer

Jeff Hausman is the Chief Product Development Officer at PagerDuty, responsible for the company’s product strategy, product management, engineering, design, and user experience. He joined PagerDuty from Samsara, where he was Chief Product Officer. Previously, Mr. Hausman served as Senior Vice President and General Manager of the Operations Management Portfolio at ServiceNow. He has over 25 years of experience leading product development as a senior executive at companies such as McAfee, Symantec, Hewlett-Packard, and Veritas.

Tim Armandpour, Chief Technology Officer

Tim Armandpour is the Chief Technology Officer at PagerDuty, bringing over 20 years of experience in applying technological innovation. In his role, he leads the company's long-term technology strategy. Before joining PagerDuty, Mr. Armandpour led product management and engineering teams at Yapstone, and global engineering teams at PayPal. He also served as Vice President of Engineering at Zong prior to its acquisition by PayPal.

Katherine Post Calvert, Chief Marketing Officer

Katherine Post Calvert is an experienced Chief Marketing Officer in B2B software and SaaS, with over 20 years of leadership in global marketing strategy. She joined PagerDuty from Khoros, where she served as CMO for four years and was instrumental in designing and implementing its global marketing strategy. Ms. Calvert previously served as CMO of Advent Software and was a Director of Marstone Inc., a digital wealth management platform.

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The key risks to PagerDuty's business include intense competition, a history of operating losses with challenges to achieving sustained profitability, and potential equity dilution from stock-based compensation and convertible notes.

1. Increased Competition: PagerDuty faces significant and intensifying competition from both established observability companies and larger technology firms that are entering the incident response market or offering similar functionalities as part of broader IT management suites. This competitive landscape could pressure PagerDuty's market share, pricing power, and overall growth trajectory. Companies like Datadog and ServiceNow are identified as major threats, with Datadog, in particular, demonstrating superior growth and a strong potential to integrate incident management into its existing offerings.
2. History of Operating Losses and Challenges to Achieve Profitability: PagerDuty has consistently reported operating losses and faces ongoing challenges in achieving and sustaining profitability. The company anticipates increased costs and expenses, particularly in areas like platform development and international expansion, which could further hinder its path to profitability.
3. Equity Dilution through Stock-Based Compensation and Convertible Notes: The company's high stock-based compensation and its practice of issuing senior convertible notes pose a significant risk of equity dilution for shareholders. This dilution could negatively impact future valuations and shareholder returns.

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• Atlassian's Jira Service Management (JSM) with Opsgenie: Atlassian, a dominant player in developer and IT tools, acquired Opsgenie (a direct competitor to PagerDuty) and has been integrating it tightly into its Jira Service Management platform. This allows Atlassian to offer comprehensive incident management, on-call scheduling, and alerting capabilities directly within an ecosystem already used by millions of developers and IT teams, potentially diminishing the need for a standalone PagerDuty solution.
• Consolidation by Full Observability Platforms: Companies like Datadog, Dynatrace, New Relic, and Splunk are expanding their offerings beyond monitoring and analytics to include robust AIOps, event management, and increasingly, incident response orchestration. By providing an comprehensive solution from data ingestion to alert generation and incident resolution, these platforms aim to become the single pane of glass for operations teams, potentially reducing the necessity for specialized incident management tools like PagerDuty.

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PagerDuty (PD) estimates its total addressable market (TAM) for its software to be $50 billion. This market opportunity is global and encompasses a wide range of users, including developers, infrastructure and operations teams, customer service professionals, and security operations. The company has identified 87 million potential users across these segments. As of late 2025, PagerDuty's current annual revenue run rate is around $0.5 billion, indicating approximately 1% penetration into this overall market.

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PagerDuty (PD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion and Adoption of AI-Powered Products and the Operations Cloud: PagerDuty is focusing on its AI-powered Operations Cloud as a critical infrastructure component for organizations. A significant driver is PagerDuty Advance, its generative AI offering, which aims to automate repetitive tasks throughout the incident lifecycle and potentially increase average revenue per user. Analysts are closely monitoring the adoption and monetization of these new AI and automation products as catalysts for growth.
2. Focus on Enterprise and Mid-Market Customer Acquisition and Expansion: The company is strategically prioritizing the acquisition of new customers in the enterprise and mid-market segments. PagerDuty's management has indicated an increased focus on customer acquisition in these markets, expecting to sustain higher value and growth from these larger accounts. Furthermore, the dollar-based net retention rate for enterprise customers has remained higher than for the commercial segment, highlighting the potential for expansion within this existing base.
3. Implementation of New Pricing Models and Optimized Product Packaging: PagerDuty is rolling out new pricing models designed to unlock revenue. The company is also upgrading its product packaging to enable customers to access various aspects of its platform, including incident management, AI, and AIOps, across multiple plans. This strategy aims to provide greater value to customers, potentially mitigating the impact of fewer users by offering access to more products, and is a factor analysts are monitoring for its impact on retention and revenue growth.
4. International Market Expansion: PagerDuty has demonstrated growth in its international revenue, which now constitutes a notable portion of its total revenue. This indicates that continued expansion in international markets serves as a driver for overall revenue growth.

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Share Repurchases

• In May 2024, PagerDuty's Board of Directors authorized a share repurchase program for up to $100 million of common stock, which was completed in November 2024.
• In March 2025, a new share repurchase program for up to $150 million of common stock was authorized by the Board of Directors, replacing the prior program and expected to continue through March 13, 2027.
• PagerDuty repurchased $250 million worth of stock in fiscal year 2025.

Share Issuance

• Share repurchases are noted to underscore PagerDuty's commitment to managing share count growth, implying ongoing share issuance, likely related to employee stock options and other equity-based compensation.
• For the full fiscal year 2026, PagerDuty assumes approximately 93 million diluted shares.

Outbound Investments

• In November 2023, PagerDuty completed the acquisition of Jeli, an incident management startup, to enhance its Operations Cloud with an enterprise-grade, all-in-one incident management solution.
• PagerDuty acquired Catalytic, a no-code automation platform, in March 2022 for an undisclosed amount.
• In October 2020, PagerDuty completed the acquisition of Rundeck, a provider of DevOps automation, for $100 million.

Capital Expenditures

• PagerDuty's capital expenditures were $4.038 million in fiscal year 2021, $3.457 million in fiscal year 2022, $4.637 million in fiscal year 2023, $2.164 million in fiscal year 2024, and $2.791 million in fiscal year 2025.
• Expected capital expenditures for fiscal year 2026 are $5.884 million.
• Capital expenditures are primarily related to purchases of property and equipment and the capitalization of internal-use software costs.